Ondas Inc. — ONDS
[ ] I THE BUSINESS what they sell, how it earns, who pays
[ ] II THE MOAT pricing power, and the clock on it
[ ] III OWNER EARNINGS what it really earns, and where the cash goes
[ ] IV INVERT what kills it — ranked and dated
[ ] V THE LADDER the cycle this name is standing on
[ ] VI THE PRICE what you pay against what you get
Resume at Chapter I.IDENTITY
Name Ondas Inc.
A defense, security and critical-infrastructure technology
company: counter-drone systems, autonomous aerial and ground
vehicles, ISR and aircraft self-protection, sold to
governments and militaries.
Two business units — Ondas Autonomous Systems (the products)
and Ondas Capital (minority stakes in other defense startups).
ONE reportable segment since 2026-01-16.
Ticker ONDS (Nasdaq Capital Market)
Form C-corp
Filed in Nevada [^1]
HQ 222 Lakeview Avenue, Suite 800, West Palm Beach, FL 33401 [^1]
Founded registrant incorporated 2014-12-22 as Zev Ventures
Incorporated, a reseller of sporting and concert tickets;
became Ondas by acquiring Ondas Networks in 2018 [^2]
Ondas Networks itself incorporated 2006-02-16 in Delaware
as Full Spectrum Inc. [^2]
Listed 2020-12-04 — uplisted to Nasdaq from the OTCQB, where it
had traded since 2018-12-19, and OTC Pink before that [^3]
Renamed January 2026 — Ondas Holdings Inc. → Ondas Inc. [^1]
Fiscal year ends December 31 every year
Q1 Jan–Mar · Q2 Apr–Jun · Q3 Jul–Sep · Q4 Oct–Dec
FY2025 ended 2025-12-31 · last reported Q2 to 2026-06-30
Earnings 2026-11-12 [C] — Q3, the three months Jul–Sep 2026
Bought 2021 American Robotics — autonomous drone operator; first
FAA type certification for a drone, 2023-09-25
2023 Airobotics — Israeli autonomous drone maker; brought
the Optimus System and the Iron Drone Raider
2025 Apeiro Motion — autonomy and mobility software for
robotic platforms (Aug 31)
2025 Smart Precision Optics — precision optical components,
Kibbutz Shamir, Israel (Oct 3)
2025 Insight Intelligent Sensors — AI electro-optical
anomaly detection; 51%, $3.5M cash (Oct 27)
2025 4M Defense — demining and unexploded-ordnance land
intelligence; 70% (Oct 29), the rest 2026-03-16
2025 Sentrycs — CoRF cyber/RF counter-drone platform,
$224.6M (Nov 17)
2025 Robo-Team — unmanned ground vehicles and tactical
ground robotics, $81.7M cash (Dec 17)
2026 Bird Aerosystems — airborne missile protection and
ISR, fitted to 700+ aircraft across 40+ types,
$127.9M (Mar 11)
2026 Rotron Aerospace — UK unmanned aircraft and propulsion,
founded 2008, $84.3M (Mar 16)
2026 Indo Earth Moving — Israeli; $33.5M plus up to $140.0M
earn-out (Mar 17) [^4]
2026 World View Enterprises — stratospheric ISR on its
Stratollite high-altitude platform, $145.3M (Apr 1)
2026 Mistral — U.S. defense prime contractor, prime on
over $1B of IDIQ and DoD contracts, $177.6M (Apr 24)
2026 Omnisys — battlefield orchestration software,
25 years deployed, $209.2M (May 21)
2026 High Point UAS, parent of DZYNE Technologies —
long-endurance autonomous aircraft, counter-UAS and
autonomous effects, $879.0M (Jul 2)
2026 Cyberhawk — drone-based critical-infrastructure
inspection and AI analytics, $118.2M cash plus
581,732 shares (Aug 10)
Deconsolid. 2026-01-16 Ondas Networks — the original FullMAX wireless
business, rail and utility radios. Control is now shared
with other investors; Ondas holds equity and debt in it and
books it as an unconsolidated affiliate. FY2025 revenue
$1.0M of the company's $50.7M. [^5]
Employees 459 full time · 36 part time, at 2025-12-31 — 410 of the
full-timers in the products unit [^6]
Industry Technology · Communication Equipment
Runs it Eric A. Brock, Chairman, CEO & President (55, serving
8 years) [^7]
Neil J. Laird, CFO & Treasurer (73, serving 1 year) [^7]
Brig. Gen. Patrick Huston, COO, General Counsel &
Secretary (57, serving 1 year) [^7]
Ownership 1.8% insiders · 58.3% institutions · 39.9% retail [F] 2026-09-03THE NUMBERS
The opening snapshot — all [F] 2026-09-03 unless tagged otherwise.
Scale revenue $174.10M ttm · 570.55M shares · $4.34B market cap [^8]
Growth revenue +979.2% y/y ttm — $16.13M → $174.10M [^9]
EPS FY2023 −$0.88 → FY2024 −$0.61 → FY2025 −$0.62
→ −$0.03 ttm [M] [^9]
Margins gross 43.7% · operating −140.4% · net +93.8% [M] [^9]
Balance cash and short-term investments $1,384.5M · borrowings $6.4M
· net cash $1,378.1M, at 2026-06-30 [^10]
net cash 31.7% of market cap · cap less net cash $2.96B
also outstanding at 2026-06-30: warrant liability $1,043.7M
· contingent purchase consideration $134.1M
total liabilities $1,417.9M against total assets $2,993.5M
Capital no dividend, no buyback — all cash retained
shares outstanding 380.76M at 2025-12-31 → 570.55M at
2026-08-11, +49.8% in seven months
plus 196.26M warrants at $24.91 average strike, 27.87M
options at $6.62, and 45.00M shares owed 2027-01-04
Price $7.61 close 2026-09-02
1 wk −7.4% · 1 mo +1.6% · 1 yr +39.4% · 5 yr +9.0%
52-wk range $4.90 – $15.28 · 5-yr $0.31 – $15.28
Short 230.51M shares short = 40.7% of the 533.42M float
EPS −$0.03 trailing [M] · −$0.02 forward [C]
P/E none — the company loses money on both measures[^1]: SEC EDGAR entity record, CIK 0001646188; former names ZEV VENTURES INC. (to 2018-10-05) and Ondas Holdings Inc. (to 2026-01-12). [^2]: FY2019 Form 10-K, filed 2020-03-13. Zev Ventures' ticket business was discontinued at the closing of the Ondas Networks acquisition. [^3]: FY2020 Form 10-K, filed 2021-03-08. The Nasdaq uplisting was done in connection with a public offering. [^4]: Neither the acquisition 8-K of 2026-03-17 nor the Q2 2026 Form 10-Q states what Indo Earth Moving sells; both give only the terms and the fact that a subsidiary officer is an indirect minority owner. Searched: the closing 8-K, the goodwill note, the VIE note, the MD&A. Not verified rather than not looked up. [^5]: Q2 2026 Form 10-Q, Notes 13 and 17, and the FY2025 Form 10-K segment note. Prior periods were recast for segment presentation but Ondas Networks revenue was not stripped out of them, so the trailing-twelve-month figures below include roughly six months of it. [^6]: FY2025 Form 10-K, filed 2026-03-30. The count predates the DZYNE and Cyberhawk acquisitions. [^7]: Proxy statement for the 2026 annual meeting, filed 2026-04-21. serving counts years at Ondas: Brock has been Chairman and CEO since September 2018 and President since 2023-06-09; Laird was appointed CFO on 2025-06-22; Huston has been General Counsel since October 2025 and COO and Secretary since 2025-12-16. [^8]: Shares are the Q2 2026 Form 10-Q cover-page count at 2026-08-11. 570,552,341 × $7.61 = $4,341.9M. [^9]: Trailing twelve months to 2026-06-30, assembled as FY2025 plus the first half of 2026 less the first half of 2025. Revenue 50,731 + 133,894 − 10,522 = 174,103; gross profit 20,156 + 60,789 − 4,821 = 76,124, 76,124 / 174,103 = 43.72%; operating −58,384 + (−205,617) − (−19,559) = −244,442, −244,442 / 174,103 = −140.4%; net attributable to Ondas stockholders −137,171 + 273,073 − (−27,360) = 163,262, 163,262 / 174,103 = 93.8%; diluted EPS −0.62 + 0.38 − (−0.21) = −0.03. The prior-year window is FY2024 less its first half plus the first half of 2025: 7,193 − 1,583 + 10,522 = 16,132; 174,103 / 16,132 = 10.792. The per-share figure is assembled across quarters whose share counts differ by more than 3x. [^10]: Q2 2026 balance sheet. Cash and equivalents $657.9M plus short-term investments $726.6M; borrowings are notes payable $1.8M plus convertible notes $4.7M. Since that date $204.1M of cash went out for High Point/DZYNE on 2026-07-02 and $118.2M for Cyberhawk on 2026-08-10.
A worksheet is my study notes on one company, not advice. I am not a financial adviser and hold no licenses; nothing here is a recommendation to buy, sell, or hold anything. Every figure is as of the day I wrote it down and none of them are maintained — a number true last month may be wrong now, and the tier tags say which are the company’s and which are mine. Any position described is what I held when I wrote it; the record is the only current answer, and the full legal terms are on the front page.